Seadrill Ltd. has completed the previously announced transaction to sell the T-16 tender rig to Seadrill Partners with effect from Oct. 18, a news release said.

The agreed upon sale is for a total price of US $200 million, less approximately $93 million of debt outstanding under the credit facility secured by the T-16.

Seadrill Ltd. has therefore sold the company that owns the T-16 in exchange for approximately $107 million in unregistered common units that Seadrill Partners has issued to Seadrill Ltd., according to the release.